How do I make an instant payment with Bitcoin?
Everyone who has heard about the Lightning Network understands how to pay with bitcoin faster than its network works, for those who have not, I will explain.
The Lightning Network is a technical solution being developed as a second layer protocol for blockchain networks. Deployed on top of the Bitcoin Lightning Network allows transactions to be made quickly, reliably, while retaining the peer-to-peer nature of the Bitcoin protocol. At one time, this was a breakthrough, but we made bitcoin even faster, we added the ability to use bitcoin in the most modern smart contracts on our platform, to pay with it and other cryptocurrencies in a decentralized manner, securely and instantly.
In this article, we will talk about the COFFE platform swaps (https://coffe.io).
At first glance, everything is simple. Depositing funds to the COFFE platform from other networks looks the same as replenishing the balance of an exchange or any other service. To deposit funds from the Bitcoin, Ethereum, or Tron blockchains, a unique address is generated, to which funds are transferred; for the Binance Chain, and EOS blockchains, funds are transferred to the system address, but the recipient is indicated in the memo field. After all the necessary confirmations by the related blockchains, the corresponding smart contract issues the required number of tokens in the COFFE network and sends them to the user’s address in the COFFE network. That’s it, the token can be used like any other token issued in the COFFE network. It can be changed on a decentralized exchange, sent in 0.5 seconds to any user of the COFFE network, and also withdrawn back to the blockchain of the corresponding network. At the same time, the corresponding tokens will be sent to the specified address in the corresponding network, and the tokens issued in the COFFE network will be burned in the same amount.
All this is done using smart contracts, there are no KYC, no participation of an intermediary, or control by third parties. Everyone has the right to dispose of their tokens as they wish.
No one can issue a swap-token in the system without transferring the token of the corresponding network to the address of the system, therefore the number of tokens in the system always coincides with the amount of the corresponding tokens of the related network on the hot wallet of the system. Currently, the COFFE multi-chain supports such blockchains as Bitcoin, Ethereum, Tron, Binance chain, and EOS. Any tokens of these networks can be added as swap-tokens to the COFFE multi-chain network.
We are working on adding new networks and coins, and that will allow the COFFE multi-chain to become the first decentralized hub for exchanging coins between different blockchains.
The COFFE blockchain is built upon the most advanced EOSIO technology today, which allows you to use the fastest, most modern smart contracts, and create the most complex developments in the shortest possible time. The problem of full decentralization of EOSIO will be solved in 2021, with the release of its own consensus protocol Proof Of Random Bp Selection (PRBS). The essence of the protocol lies in the decentralized random selection of a block producer, which makes it possible to exclude the seizure of block production by a group of producers dictating the conditions of the entire network.